progress payment

noun

1. an instalment of a larger payment made to a contractor for work carried out up to a specified stage of the job

Example Sentences

The Defense Contracting Management Agency modified 1,500 contracts to help cash-strapped companies file invoices at a higher progress payment rate.

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“We expect payments at the higher progress payment rate to start this week.”

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The customary progress payment rates for Department of Defense contracts, are 80 percent for large defense contractors and 90 percent for small businesses.

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Progress payment rates were set in 2001 and haven’t changed, even though interest rates have been close to zero since 2008.

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You can make receiving those part of the progress payment schedule.

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